Moody’s affirms Scotts Miracle

Moody's Investors Service said it confirmed the Ba2 corporate family rating, Ba2-PD probability of default rating and B1 senior unsecured ratings of Scotts Miracle-Gro Co.

The outlook is stable. These actions conclude the review for downgrade that was initiated on April 18.

"We expect the Sunlight Supply Inc. acquisition to diversify the company's business and provide another growth platform for the hydroponics business," Moody’s senior credit officer Kevin Cassidy said in a news release.

The agency expects Scotts to significantly reduce share repurchases such that debt/EBITDA (excluding seasonal borrowings) will approach 3.5 times in the next 12 to 18 months.

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